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The NEH stipend would support the writing of a book entitled, The Hesitant Hand: Market and State in the History of Modern Economic Thought, which is under contract with Princeton University Press. The book is an intellectual history of the theory of economic policy from the late nineteenth century to the present. It traces this history from the demise of the laissez-faire views associated with classical liberalism in the latter part of the nineteenth century, through the rise of the overtly interventionist neoclassical welfare economics tradition, and on to the challenge presented to this approach by the rebirth of classical liberal economics in the second half of the twentieth century.